Novo Nordisk (NOVO) Q1 2026 earnings summary

Executive summary

• Over 45 million people served with obesity and diabetes therapies, with more than 4 million using obesity treatments and over 1 million US patients on WegovyⓇ pill since launch, marking record uptake and over 2 million cumulative prescriptions.

• Six regulatory approvals and over 10 clinical trial initiations in Q1 2026, including key obesity and diabetes therapies.

• Strategic investments in R&D and commercial initiatives, with global expansion of the obesity portfolio and new product approvals in major markets.

• Adjusted sales declined 4% at CER due to pricing headwinds, partially offset by GLP-1 volume growth; reported sales rose 32% at CER, driven by a DKK 26.8 billion US 340B provision reversal.

• Raised 2026 outlook for adjusted sales and operating profit growth, reflecting confidence in GLP-1 sales despite ongoing price erosion and competitive risks.

Financial highlights

• Q1 2026 reported sales: DKK 96.8 billion (+32% YoY); adjusted sales: DKK 70.1–83.2 billion (-4% at CER); net profit: DKK 48.6 billion.

• Adjusted gross margin: 80.6% (down from 83.5% in 2025); reported gross margin: 85.9%.

• Adjusted operating profit: DKK 32.9 billion (-6% at CER); reported operating profit: DKK 59.6 billion (+65% at CER).

• Free cash flow: DKK 12.8 billion (+13% YoY); capital expenditure: DKK 11.3 billion (-16% YoY).

• Nearly DKK 38 billion returned to shareholders via dividends and share buybacks in Q1 2026.

Outlook and guidance

• 2026 adjusted sales and operating profit growth guided at -4% to -12% at CER, reflecting higher GLP-1 expectations but lower realized prices and US MFN agreement impacts.

• Non-adjusted mid-point guidance: 1% sales growth and 12% operating profit growth at CER.

• Free cash flow for 2026 projected at DKK 36–46 billion; capital expenditure around DKK 55 billion; effective tax rate 21–23%.

• Outlook reflects continued GLP-1 volume growth, market expansion, patent expiries, and competitive pressures.